Bills Digest No. 204 1997-98
Financial Institutions Supervisory Levies Collection Bill 1998
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
any official legal status. Other sources should be consulted to determine
the subsequent official status of the Bill.
CONTENTS
Passage History
Purpose
Background
Main Provisions
Contact Officer & Copyright Details
Passage History
Date Introduced: 26 March 1998
House: House of Representatives
Portfolio: Treasury
Commencement: The Act commences on the commencement
of the Australian Prudential Regulation Authority Act 1998.
Purpose
To enable the collection of the levies imposed by:
- Authorised Deposit-taking Institutions Supervisory Levy Imposition
Bill 1998
- Authorised Non-operating Holding Companies Supervisory Levy Imposition
Bill 1998
- Superannuation Supervisory Levy Imposition Bill 1998
- Retirement Savings Account Providers Supervisory Levy Imposition Bill
1998
- Live Insurance Supervisory Levy Imposition Bill 1998
- General Insurance Supervisory Levy Imposition Bill 1998
(These Bills are collectively referred to as the 'levy
Bills')
Background
Readers are referred to the Bills Digest of the related
Bills mentioned above for background information.
Main Provisions
Part 1 of the Bill deals with preliminary matters. Part
3 replicates the provisions of the Superannuation Entities (Taxation)
Act 1987 dealing with the collection of levy under the Superannuation
(Financial Assistance Funding) Levy Act 1993. This is to ensure that
the levies to be administered by the Australian Prudential Regulation
Authority are all contained in the same Act. Part 4 deals with the review
of decisions to waive levy and late payment penalties and sets out the
regulation making power.
Part 2
Clause 8 creates the liability for the levy on
each of the six types of institutions which is set out in the levy Bills.
For entities other than superannuation entities, if the
entity is a leviable body on 1 July, the levy is payable on the first
business day after 1 July each year. If the entity becomes a leviable
body after 1 July, the levy is payable on the day which is six weeks after
the entity became a leviable body.
For superannuation entities if the entity is a superannuation
entity on 1 July, the levy is payable six weeks after the lodgment of
a particular return under the Superannuation Industry (Supervision)
Act 1993. If the superannuation entity becomes a superannuation entity
after 1 July, the levy is payable on the day which is six weeks after
the entity became a superannuation entity (clause 9).
The levy is payable to APRA on behalf of the Commonwealth
(clause 11).
Clause 14 clarifies that no existing law exempts
a leviable body from paying levy. No law passed after the commencement
of this clause will exempt a leviable body from paying levy unless the
exemption expressly refers to levy under this Bill.
Lee Jones
13 May 1998
Bills Digest Service
Information and Research Services
This paper has been prepared for general distribution to Senators and
Members of the Australian Parliament. While great care is taken to ensure
that the paper is accurate and balanced, the paper is written using information
publicly available at the time of production. The views expressed are
those of the author and should not be attributed to the Information and
Research Services (IRS). Advice on legislation or legal policy issues
contained in this paper is provided for use in parliamentary debate and
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or Australian government document.
IRS staff are available to discuss the paper's contents with Senators
and Members
and their staff but not with members of the public.
ISSN 1328-8091
© Commonwealth of Australia 1998
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Published by the Department of the Parliamentary Library, 1998.
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